On May 1, 2014, Adams Company borrowed $100,000 by signing a one-year, 9 percent note payable. The p

/in /by

On May 1, 2014, Adams Company borrowed $100,000 by signing a one-year, 9 percent note payable. The principal and interest will be paid on May 1, 2015. How much interest expense should be reported on the income statement for the year ended December 31, 2015? A. $9,000 B. $3,000 C. $6,000 D. $4,500 E. $0